KUALA LUMPUR: Penang-based property developer, Ivory Properties Group Bhd is set to redevelop the three 35-year-old blocks in Taman Segar, Cheras for a new affordable housing development scheme.

Its project advisor to the chief executive officer, Javin Chua said the redevelopment project will see the demolition of the three blocks in phases, with the construction of three new apartment blocks comprising a total of 800 units.

A memorandum of understanding (MoU) has been signed between Ivory, Taman Segar Management Corporation (TSMC) as the landowner and Upper Label Sdn Bhd, project owner.

"At the moment, this project is subject to Kuala Lumpur City Hall's (DBKL) approval. The MoU will allow us (Ivory) to proceed and submit an application to DBKL for the redevelopment project," he said at a press conference in Kuala Lumpur, today.

He added officially, DBKL has responded that there will be at least 800 units of houses and each will be sized at 800 sq ft for the housing scheme.

"On the project commencement, is also subject to DBKL' approval. But we hope to start the construction as soon as possible," he said adding that the gross development value (GDV) depends on the number of units available for sale.

Chua said the redevelopment project will span on a 4.456-acre for the 800 units of apartments. Of 300 units will be compensated to the existing residents.

"The remaining of 500 units will be for sale and each unit is priced around RM300,000.